Federal Competition and Consumer Protection Commission Sets Conditions for Registration of Loan Apps Removed from Google Play Store
The Federal Competition and Consumer Protection Commission (FCCPC) has outlined the requirements for loan apps that were delisted from the Google Play store to register with the Commission.
This announcement comes as the FCCPC resumes the registration process for digital money lenders after temporarily closing it on March 27, 2023, following multiple deadline extensions.
The Commission stated that it will only consider and process applications from existing loan apps that failed to register before the March 27 deadline if they can provide a justifiable reason for their non-compliance.
The digital lenders affected must present a “justification that sufficiently articulates an acceptable reason or justification for failing to conclude or complete the registration before the expiration of the previously set deadline.”
Furthermore, the FCCPC stated that the applications will be subject to a late processing fee, which can be paid through the Remita platform.
The Chief Executive Officer of the Commission, Babatunde Irukera, explained the decision to reopen the registration process, citing the emergence of new companies seeking registration since the initial window closed.
While a more comprehensive regulatory framework for digital lending is being developed by the Joint Regulatory and Enforcement Task Force (JRETF), the FCCPC will resume accepting and approving eligible applications and requests from digital money lenders. This includes both new businesses and those that failed to comply with the initial registration deadlines.
In cases where loan apps were removed from the Google Play Store or ceased operations due to payment system or gateway issues, the Commission will consider processing such applications only if an acceptable reason or justification for the missed registration deadline is provided.
Irukera emphasized that financial institutions licensed and regulated by the Central Bank of Nigeria (CBN) are exempt from the registration process and can seek approval through a written request, demonstrating their exemption and providing evidence of CBN licensure
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